Sad to say in all the chaos of rcent days, I’d lost track of me fibos…
EUR/USD has poked through the 61.8% retracement of the 1.6038 (all-time high from July 2008) to 1.2325 (late October 2008 low at the height of the credit crisis) on an intraday basis today at the 1.4614 level. Traders will eye this level at the close of business today. A close above will set the stage for a continuation of the rally.
1.4720 remains the near-term topside target, the high posted back in December when the Fed first unveiled its quantitative ease strategy. 1.4865, the post-Lehman high, is a further on rallies.
